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1962 (4) TMI 6 - SC - Income TaxHow far section 35(5) is retrospective and whether it would apply to original assessments completed before April 1, 1952, is no longer res integra? Held that:- Here, the original assessment was made before the amendment, and to that assessment the amended, provision cannot still be made applicable, even though the assessments of the firms were after April 1, 1952. The assessment of the respondents was a final assessment before April 1, 1952, and sub-section (5) has not been made applicable to such assessment, either expressly or by implication. In our opinion, sub-section (5) could not be used in this case, and the decision of the High Court was right. Being a final assessment, it could be rectified only under the law, as it stood then. That law did not include the fiction enacted by sub-section (5), which, when enacted, could not be used in those cases which had been finally closed before April 1, 1952. Appeal dismissed.
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